On a longer-term basis, bitcoin has reestablished its uptrend. It has charted a higher trough followed by a higher peak on its monthly chart. Bitcoin is trading near $34,550, which is close to last week's high of $35,194, and is up around 28% for October. The price appreciation is largely due an optimism that regulators will soon approve the first spot Bitcoin exchange-traded-fund (ETF).
However, it is worth noting that the FOMC statement release, and press conference will be on Wednesday, 1 Nov, and the Non-Farm Employment change will be on Friday. These may have a market moving effect on the cryptocurrency market.
For now, the technical indicators are positive for Bitcoin. For example, the green 5-week EMA is above the orange 10-week EMA, with angle and separation. This puts Bitcoin's weekly EMAs into bull mode. Moreover, the weekly RSI is above 50, which is the bullish side of the indicator. The longer it maintains on this side, the great the momentum support for the cryptocurrency's price.
Senior Market Specialist
Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.